On February 27, according to Cointelegraph, a Democratic representative of California, Sam Liccardo, is preparing to propose the "Modern Conflict of Interest and Malice Enforcement Act" (MEME Act), which will prohibit public officials from profiting from digital assets. The bill prohibits a wide range of public officials and their related persons from issuing, sponsoring and endorsing any securities, commodities or digital assets, and applies to the president, vice president, members of Congress, senior executive officers, their spouses and dependent children. Liccardo said the bill has been supported by more than a dozen Democratic lawmakers and they are working to win bipartisan support. Liccardo noted: "The Trump family issued meme coins to use the public economically for personal gain and raises concerns about insider trading and foreign influence on the executive branch." The bill is expected to be formally introduced on February 27.